Zee Entertainment and SONY logos are displayed in this illustration photo.
| Photo Credit: Reuters
Sony Pictures Networks India (SPNI) on December 19 said it had not agreed to any extension of the deadline as sought by Zee Entertainment Enterprises Ltd (ZEEL) citing contractual obligations.
“ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger,” a spokesperson of SPNI said in a statement.
“The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. SPNI is required to start those conversations but has not yet agreed to a deadline extension,” the statement said.
“We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions,” the statement added.